Is vat paid on sale of vehicle
This query is : Resolved
16 July 2013
XY ltd. purchased a car worth of 6,84,000(including vat@12.5%=76000) on 15/04/2008. Now on 16/10/2012 company sold that car for 290000/-. now my question is whether vat applicable on this? how much? if there is any provision of law please mention it.
17 July 2013
Sale of second car is taxable and hence vat is payable and can be collected from the buyer.
17 July 2013
after collecting from buyer such vat needs to be remmited to state govt vat dept within applicable time limit.
18 July 2013
thanks for the reply
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